Almost two years have passed since the Saudi crown prince Muhammad bin Salman intimated that Aramco was considering an initial public offering (IPO). Since then, some more details have crystallised, including that 5 per cent of the company is up for sale, and that the IPO is a firm plan rather than an abstract possibility. Yet the IPO remains mostly mysterious, with most media reports being based on anonymous sources from within the oil behemoth, or unnamed hedge fund managers. Why is it so hard to get transparent analysis? Several factors are at play.